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March 12, 2005
Nortel Faces $3B Class Action Lawsuit
Lawyers have filed a $3B class action law suit on behalf of those who bought Nortel shares the year before CEO Frank Dunn left.
The claim, filed with the Ontario Superior Court of Justice, alleges misrepresentation of Nortel's financial situation between April 24, 200, and April 27, 2004.
Nortel announced last April 28 that it had dismissed Dunn and two other executives for cause. It also disclosed that its 2003 profit was substantially less than it had stated three months earlier.The announcement sent Nortel shares plunging.
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Posted on March 12, 2005 08:12 PM by Class 65.
Filed in Personal Injury Resources under class action law.
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